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BELARUS: Key economic figures (2010) and general overview
2011, English| GDP (Current Prices, US Dollars) | USD 54.713 billion |
| GDP Per Capita (Current Prices, US Dollars) | USD 5,800.43 |
| Population | 9.433 million |
| Area | 207,600 sq km |
| Labor force | 5 million (2009) |
| Unemployment Rate (% of Labor Force) | 0.7 % |
| Median age | 39 years |
| Education expenditures | 4.5% of GDP |
| Export - main goods | machinery and equipment, mineral products, chemicals, metals, textiles, foodstuffs |
| Export – main partners | Russia 31.6%, Netherlands 17.3%,Ukraine 8%, Latvia 7.8%, Germany 4.6% |
- Geographical location. Belarus is a landlocked country in Europe and it shares borders with Poland, Russia, Lithuania, Latvia and Ukraine.
- Main trading partner. Russia is still considered to be the closest political and economical ally of Belarus, contributing to about 50% of Belarus trade.
- Crossroads between West and East. The intersection of the major commodity pipelines (gas, oil) and strategic road systems makes Belarus a natural bridge from the Russian and certain Asian garners to Western customers.
- The privatisation process is just at the beginning. Most of the Belarus economy is state controlled. It is estimated that 50% of the population is employed by state run industries. However, due to the payment balance deficit, the privatisation of state run companies is supported by the Belarusian government, including the sale of “blue chip” companies.
- A customs union with Russia and Kazakhstan. On 1 January 2010, Russia, Kazakhstan and Belarus launched a customs union, with unified trade regulations and customs codes still under negotiation. It has largely facilitated the growth of the Belarusian GDP by 4.8% in 2010. In December 2010, Belarus, Russia and Kazakhstan signed an agreement to establish a Common Economic Area – i.e. removal of custom control and duties between the countries.
- Devaluation. Extensive governmental spending at the end of 2010 and the beginning of 2011 led to a 55% devaluation of the Belarusian ruble in May-June 2011. Currency market players were obliged to keep operations within “official rate + 2%” level, which led to a substantial decrease in trade and hard currency deficit. As of September 14, 2011 companies and individuals can buy and sell currency at rates determined by market.
- Financial support is still needed for Belarus. The Belarusian government has attracted additional loans from Eurasian Economic Community (EurAsEC) and is trying to receive additional financing from the IMF along with boosting its privatisation program in order to stabilize the currency situation. The Government expects that the currency and economic situation will be resolved by the end of 2011.
